Tencent-backed Uzum, Uzbekistan’s first tech unicorn, eyes pre-IPO funding in Hong Kong

Uzbekistan’s first tech unicorn, Uzum, is seeking a final pre-initial public offering (IPO) funding round next year in Hong Kong, after raising a US$70 million investment from Tencent Holdings months ago.

Uzum co-founder Nikolay Seleznev said on Tuesday that Tencent’s investment in August bolstered the company’s plans to go public in 2027, with a potential listing in Hong Kong, London, Abu Dhabi or Nasdaq in the US.

The Tencent-led funding lifted Uzum’s valuation to US$1.5 billion, while opening the door for the Chinese technology giant to enter Central Asia’s digital economy, according to Seleznev.

That followed the start-up’s ascent to unicorn status in 2024, when it raised US$114 million from a combination of Series A equity funding and debt financing.

Founded in 2022, Uzum operates e-commerce, fintech and banking services for individuals as well as small and medium-sized businesses in Uzbekistan, a landlocked country in Central Asia that forms part of China’s Belt and Road Initiative trade network.

“With Tencent leading our most recent financing round, I realised there is a very big potential in Southeast Asia and its investor base in general,” Seleznev said. “We see a huge opportunity there. Also, the information technology and fintech market potential of Uzbekistan is now being recognised by some of the world’s largest tech companies.”